amadeus on the turn, page-8

Something to remember too, is that when AMU when on the buying spree in 2006 (if I recall correctly) at the time they said the purchases were good value based on the then oil price of around the US$50 per barrel. With the current price now say 70% ABOVE their assumption the value of their leaseholds would be exponentially higher.

What I would LOVE to see is two things:

1. AMU start paying a dividend of say 2 cents per share. This would cost less than AUD$4 million pa which is less than the cash they spin off in one quarter (after all overhead and exploration costs). In short, highly affordable.

2. AMU sell another leasehold however one that is of moderate size, say US$40 million value, and pay a capital return or dividend of say 20 cents per share.

I don't see either one happening, however both would show the market the strong cash position the business is in AND the value of the land they hold.

MJS